• Penske Automotive average return on tangible equity for 2023 was 82.21, a 22.3% decline from 2022.
• Penske Automotive average return on tangible equity for 2022 was 105.81, a 2.6% decline from 2021.
• Penske Automotive average return on tangible equity for 2021 was 103.13, a 4.79% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.